The co-op's made a profit of 500-million dollars in the six months to January, up from 72-million in the previous period.
It's not paying a dividend because it's unclear how the coronavirus will impact earnings later this year.
Fonterra chief executive Miles Hurrell says there hasn't been a slowdown of dairy demand in China.
He says the China market is starting to get back to some normality in some areas and dairy's at the forefront of that.
